Prominent Nigerian bank, Bank PHB has acquired a controlling stake in Uganda’s Orient Bank. The acquisition is the fourth in the country by West African banks.

Bank PHB move into the East African market raises the stakes in Uganda’s competitive banking sector, and is expected to be part of it's strategy to roll out massive retail banking services in the country.

The bank reportedly paid $62 million for an 80% stake of Orient Bank Limited, breaking a record in the local banking industry.

Orient Bank has been lacking capital base to fund its expansion efforts recently, though it has made remarkable growth in deposits, loan portfolio and profits since inception.

Other West African banks operating in Uganda are the United Bank of Africa, Global Trust Bank and Ecobank Transnational, while East African banks already in the market include Kenyan owned banks - Kenya Commercial Bank, Equity Bank and Fina Bank.

Orient Bank chairman Michael Cook said the takeover will help diversify the bank’s retail products significantly, reports The East African.